History of West Virginia Federal Credit Union

Union Carbide Corporation had three large plant facilities in the Kanawha Valley WV area in 1965. Two of these facilities had chartered a credit union for their employees earlier in 1965 and the employees working at the Tech Center location in South Charleston also desired credit union services. With assistance from Union Carbide, our Sponsor, both human and physical resources were supplied, including the donation of facility space to operate and advisory and economic assistance to organize a credit union. Accordingly, the credit union was chartered under the name Tech Center Employees' Federal Credit Union in October 1965, where it remained so named until changed in August 2000 to West Virginia Federal Credit Union. Representatives from the Union Carbide employee sector were chosen to form the first board of directors in 1965. The founding father of the Credit Union was Joseph A. Taylor. Mr. Taylor serviced as a director of the Credit Union from 1965 to 1987. Other members of the initial Board of Directors were:

Other members who have contributed significantly to the leadership of the Credit Union by serving twenty years or more as an elected or appointed official are:

Charles (Chuck) L. Roy; J. Lyle Snodgrass; B.J. (Billie Jean) Wright

Joseph A. Taylor, became the first treasurer and effectively served as the Credit Union’s Chief Executive Officer (CEO) from November 1965 to August 1977. Wally Q. Preston became CEO from August 1977 to March 2011 before Nicholas P. Arvon became CEO in July 2011.

The Credit Union’s original sponsor was sold to The Dow Chemical Company in August of 1999, in effect leaving the Tech Center Employees’ Federal Credit Union without a sponsor. Consequently, the Credit Union changed its name in September 2000 to West Virginia Federal Credit Union and applied for a change in its charter to a community based credit union. The right to expand out into the community was granted by the credit union’s regulating body, NCUA, in December 2000.

The West Virginia Federal Credit Union has grown to become a well capitalized; member focused Credit Union offering a variety of consumer financial services. In 2005, the Credit Union began offering business services tailored to small business owners.

The Credit Union is governed by a board of directors who are responsible for setting policies and insuring the continuous well being of the Credit Union’s operation.

Historic Timeline

October 26, 1965 – Pursuant to the provisions of Section 5 and /or Section 21(d) of the Federal Credit Union Act, as amended, the organization certificate of Tech Center Employees Federal Credit Union, A corporation to be chartered under the laws of the United States under Charter No. 17057, was approved by the Department of Health, Education, and Welfare. . . Social Security Administration. . . Bureau of Federal Credit Unions.

August 17, 2000 – NCUA approved name change from Tech Center Employees Federal Credit Union to West Virginia Federal Credit Union which was then formally adopted by the board of directors at a meeting held on September 12, 2000.

December 14, 2000 - NCUA approved change in charter from a Multiple Group common bond field of membership designation to a community common bond. In addition to the members of record of this credit union as of the conversion date, NCUA further approved changes in the field of membership to allow membership to persons who live, work, worship, or attend school in, and businesses and other legal entities located in Kanawha and Putnam Counties, WV.

October 31, 2001 – NCUA approved amendment to charter/bylaws to expand field of membership to include Volunteers in the communities served.

July 17, 2002 – NCUA approved expansion of community field of membership to include Cabell County WV.

November 22, 2002 – Effective date of NCUA approval to merger of True Blue FCU of Huntington, WV into West Virginia FCU.

July 12, 2004 – NCUA approved expansion of community field of membership to include Wayne, Lincoln, and Boone Counties, WV.